{"id":411306,"date":"2022-03-02T13:17:42","date_gmt":"2022-03-02T10:17:42","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/aussie-advisory-committee-lists-key-factors-for-easing-crypto-adoption\/"},"modified":"2022-03-02T13:17:42","modified_gmt":"2022-03-02T10:17:42","slug":"aussie-advisory-committee-lists-key-factors-for-easing-crypto-adoption","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/aussie-advisory-committee-lists-key-factors-for-easing-crypto-adoption\/","title":{"rendered":"# Aussie advisory committee lists key factors for easing crypto adoption"},"content":{"rendered":"

“# Aussie advisory committee lists key factors for easing crypto adoption <\/strong>”
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Cyber Security Industry Advisory Committee, the Australian cybersecurity advisor, highlights various crypto-related opportunities for the government to undertake as it prepares for the global mainstreaming of cryptocurrencies.<\/p>\n

The study released<\/a> by Australia\u2019s Department of Home Affairs, titled \u2018Exploring Cryptocurrencies\u2019, cites the rise in crypto adoption as the country undergoes a rapid transformation to an advanced digital economy:<\/p>\n

\u201cThere is a need for regulatory settings that provide greater clarity and confidence about how the cryptocurrency market can operate in Australia.\u201d<\/p><\/blockquote>\n

The Federal advisory recommends exploration of four key areas that can \u201chelp ensure the safe adoption of cryptocurrencies in Australia\u201d \u2014 minimum cyber security standards, capability (awareness through specialized training), follow-the-lead app<\/a>roach and operator transparency. <\/p>\n

With the primary goal to dampen cybersecurity threats aimed at cryptocurrencies, the committee recommended mandated minimum cyber security standards for crypto exchanges and Australian businesses that hold cryptocurrencies. Crypto exchange Kraken\u2019s Managing Director for Australia Jonathon Miller believes that \u201cminimum standards for security, and greater resourcing to fight sophisticated cybercrime will go a long way to protecting investors.\u201d<\/p>\n

In addition, the advisory suggested an increased focus on increased public awareness via specialist training on the available crypto opportunities and corresponding cybercrimes and threats. It all recommends a \u2018follow-the-lead\u2019 approach wherein Australia learns and implements international best practices in the crypto space. <\/p>\n

Highlighting the inherent pseudo-anonymity of crypto, the committee calls for increased transparency around registered crypto exchanges and blockchain-based companies:<\/p>\n

\u201cEducational programs with accurate, consistent messaging will allow investors to better understand both the investment and cybersecurity risks while helping to demystify cryptocurrencies for all Australians.\u201d<\/p><\/blockquote>\n

In addition to the recommendations, the Cyber Security Industry Advisory Committee highlighted a number of opportunities that accompany mainstreaming of cryptocurrencies. The study reveals blockchain\u2019s disruptive potential to tokenize financial assets including loans, carbon credits and real estate. <\/p>\n

Moreover, accepting cryptocurrencies \u201cenables businesses to tap into a new set of customers.\u201d Finally, the study reveals that offsetting carbon emissions is one of the biggest opportunities as crypto makes it way into the mainstream.<\/p>\n

Related: <\/strong>Crypto businesses will be rewarded over the long term, says Voyager CEO<\/em><\/strong><\/p>\n

In a dialogue with Cointelegraph, the co-founder and CEO of Voyager Digital Stephen Ehrlich opined why patience is the key for crypto businesses:<\/p>\n

\u201cIn 2021, Bitcoin outperformed all major asset classes, one-upping crude oil, NASDAQ, the S&P 500 and gold. Moreover, the number of “hodlers” is trending in a positive direction, signaling crypto\u2019s long-term viability.\u201d<\/p><\/blockquote>\n

Citing economic equality as one of the main advantages, Ehrlich also said that crypto gives access to investor segments who missed out on past booms. <\/p>\n